Piper Serica Angel Fund, a angel fund investing in technology-backed startups said that it has crossed its target corpus of Rs 100 crore and is now exercising the green-shoe option of another Rs 25 crore. The Fund will stop taking subscriptions from the end of June. The fund has already made 12 investments, with an additional 4 investments currently undergoing due diligence processes.
The fund has already invested in ALT Mobility, a full-stack EV leasing platform offering mobility as a service (MaaS) for commercial vehicle users; Castler, India’s largest escrow platform, Floworks, an AI-enabled sales team assistant, Crediwatch, an information intelligence platform to offer financial organisations big data risk analysis; Zippee, a physical network of micro warehouses (dark stores); Driffle, a marketplace built for gamers; and Oditly, an enterprise-scale SaaS application enabling businesses digitise and automate the lifecycle of quality, safety, and compliance processes.
Commenting on the closure, Rajni Agarwal, Director of Piper Serica Angel Fund, said, "We extend our heartfelt gratitude to our investors and partners for their unwavering trust. Fundraising in the current environment is undoubtedly challenging; however, we have strategically capitalised on the 'funding winter,' harnessing it to our advantage. Leveraging this unique market landscape, we have made exceptional investments thus far and cultivated a robust pipeline of investment opportunities. With our collaborative approach and unwavering dedication, we have become a driving force in the startup ecosystem."
Ajay Modi, VP, of Piper Serica Angel Fund said, “In a short period we have partnered with leading incubators, accelerators and other start-up funds. This has kept our deal flow very strong. We are very excited about the investment opportunities that we are seeing. Our strong deal flow, quick decision making backed by AI/ML supported decision-making tools and ability to add value to portfolio companies will keep our investment pace strong."
Piper Serica Angel Fund is in advanced discussions to invest in companies in the space of Cybersecurity, Climate control, Upskilling, overseas student accommodation, Rural Finance, AI-enabled banking solutions and ad fraud detection.